UK GDP growth weakest since 2013 and slower than previously thought

ONS revised data reveals rising consumer debt, shrinking services sector and worsening foreign trade as Bank of England hints at rate rise

The UK economy grew at a slower pace than previously thought in July, with fresh warning signals pointing to weaker growth as the Bank of England prepares to raise the cost of borrowing for the first time in a decade.

Britain recorded its weakest annual growth rate since 2013 in the three months to the end of June, according to revised figures published on Friday by the Office for National Statistics (ONS). The country's services sector showed signs of contracting, while the UK's trading position with the rest of the world also deteriorated.

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